Kenmare Resources Plc · LSE:KMR
Kenmare Resources — Investor Presentation (November 2025)
16 slides from Kenmare Resources's investor presentation, Nov 19, 2025
Slide 1: Yellowstone private investor evening
TRANSFORMING RESOURCES INTO OPPORTUNITY FOR ALL Yellowstone private investor evening 19 November 2025
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been This Presentation does not constitute or form part In particular, certain statements in this prepared and issued by Kenmare Resources plc of, and should not be construed as, an offer, Presentation relating to future financials, results, (the
Slide 3: Established producer, consistent cash generation
Established producer, consistent cash generation Overview: Kenmare Resources plc The Moma Titanium Minerals Mine in Mozambique Track record of 18 years of production, with ~40 years in Mozambique >100 years of Mineral Resources at current production rate Trusted corporate citizen Meaningful co
Slide 4: Mineral sands: essential to modern life
Mineral sands: essential to modern life Demand for Kenmare’s products is driven by global GDP growth and urbanisation in emerging markets Titanium feedstocks (ilmenite and rutile) World GDP vs TiO2 pigment consumption1 TiO2 pigment imparts whiteness and opacity in the manufacture of paints, plasti
Slide 5: Market leadership built on a robust strategy
Market leadership built on a robust strategy Strategic priorities and recent performance OPERATE RESPONSIBLY • >$23m invested into community initiatives since 2004 97% • Low Lost Time Injury Frequency MOZAMBICAN 1 Rate (0.02 per 200k hours worked) WORKFORCE DELIVER LONG LIFE, • Consistent low-cost i
Slide 6: Sustainability is central to Kenmare's business
Sustainability is central to Kenmare’s business Overview of Kenmare’s approach to sustainability and highlights • Strong safety culture focused on the “Trabalho Seguro” (“Safe Work”) campaign Safe and engaged workforce • Largest employer in Nampula province – committed to local and national hiring •
Slide 7: Sustained cash flow generation
Sustained cash flow generation H1 2025 financial highlights Average price received ($/t) Total revenue ($m) H1 2025 dividend Net debt at 30 June 486 331 429 412 425 389 250 323 326 197 243 216 USc10.00/sh $85.1m 165 168 (31 Dec 2024: (H1 2024: $25.0m) USc15.00/sh) H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1
Slide 8: >$300m shareholder returns since 2019
>$300m shareholder returns since 2019 Overview of Kenmare’s shareholder returns profile and interim dividend Shareholder returns ($m) Total 2025 interim dividend 120 100 $8.9m 80 82.7 60 30 2025 interim dividend/share 40 USc10.0 20 0 9 11 32.1 51.5 50 28.6 8.9 2019 2020 2021 2022 2023 2024 H1'25 Div
Slide 9: A globally significant titanium minerals mine
A globally significant titanium minerals mine Moma Mine operating schematic Low cost, bulk mining operation Low environmental impact Well-established operation – in production since 2007 Primarily hydro-generated electricity (>90% of electrical >14Mt ilmenite production to date requirements)
Slide 10: Securing future production at Moma
Securing future production at Moma Kenmare is upgrading its largest mining plant ahead of its transition to a new large ore zone Upgraded Wet Concentrator Plant A Mineral Resource by ore zone (THM1) Nataka Namalope 71% 3% Mpuitine 9 billion 5% tonnes Pilivili 3% Quinga North Mualadi 1% Marrua 12% Co
Slide 11: Positive overall progress but some challenges
Positive overall progress but some challenges WCP A project commissioning update H2 timeline for WCP A project Commissioning advancing but optimisation required Safe beach landing of two new dredges at Moma All components installed and have achieved nameplate capacity Optimisation work is now re
Slide 12: WCP A project substantially de-risked
WCP A project substantially de-risked Rate of spend on WCP A project will decline rapidly post year-end 2025 WCP A project capital expenditure ($m) Capital cost estimate for WCP A upgrade and transition to Nataka remains at $341m 100 ~85% of total spend expected to be complete by year-end 2025,
Slide 13: Challenging markets but Kenmare is well-placed
Challenging markets but Kenmare is well-placed Subdued demand and increased supply have led to softer market conditions Weaker global demand for titanium minerals Chinese titanium concentrates imports (Mt)1 Demand for Kenmare’s products was stable in Q3, but softer end 2.0 markets (e.g. constructi
Slide 14: High quality products are a key differentiator
High quality products are a key differentiator Kenmare is the world’s largest ilmenite supplier IP2 IP1 IP3 Direct chloride pigment Beneficiation China Beneficiation ex - China Chloride Slag Synthetic Rutile Sulphate pigment ex China Sulphate pigment China 44 46 48 50 52 54 56 58 60 62 64 TiO2 conte
Slide 15: Transforming resources into opportunity for all
Transforming resources into opportunity for all Delivering Kenmare’s purpose Resilient long-term production profile Consistent low-cost industry position • One of the world’s largest titanium minerals deposits • H1 2025 underlying EBITDA margin of 30% • >100 years of Mineral Resources at current pro
Slide 16: Contact us
New school classrooms built by KMAD in Naholoco village Contact us Katharine Sutton Investor Relations +353 1 671 0411 ir@kenmareresources.com Follow us
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